Ousted NBCUniversal CEO Jeff Shell is losing a massive payday after being fired with cause following a sexual harassment complaint from CNBC anchor Hadley Gamble, parent company Comcast revealed in a Friday SEC filing.
Shell forfeited vested and unvested stock options with an “estimated fair value of $43.3 million as of the termination date,” the company’s filing said. The fired executive “did not receive any supplemental payments or benefits in connection with his termination.”
“He will receive only his accrued but unpaid base salary and vacation time, vested employee benefits and reimbursement for any unreimbursed business expenses in accordance with his employment agreement,” the filing said.
The details of Shell’s compensation in 2022 were also revealed in the filing. He earned just over $21 million in overall pay last year – a sum that included a base salary of $2.5 million, stock awards totaling $6.6 million, option awards totaling about $4.2 million and $7.5 million from a non-equity executive compensation plan based on company performance.
Shell also received about $215,000 in other compensation, including personal use of company-owned private planes.
Shell, 57, was fired last Sunday after a company probe “led by outside counsel into a complaint of inappropriate conduct.” At the same time, he admitted to having “an inappropriate relationship with a woman in the company.”
Comcast did not identify the individual who filed the complaint. However, Gamble’s attorney, Suzanne McKie, later confirmed her identity.
“The investigation into Mr. Shell arose from a complaint by my client of sexual harassment and sex discrimination,” McKie, a managing partner of the United Kingdom-based firm Farore Law, said in a statement.
“Given these circumstances it is very disappointing that my client’s name has been released and her privacy violated,” McKie added.
Comcast CEO Brian Roberts called Shell’s shocking ouster a “tough moment” for the company during its first-quarter earnings call this week.
“Let me just acknowledge the news that you all saw earlier this week — obviously a tough moment,” Roberts said. “But we are so fortunate to have a fabulous and tenured leadership team at NBCUniversal.”